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Market Central to Acquire Convergion
Market Central anticipates closing the transaction during early March.
Posted Feb 11, 2003
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Market Central, a provider of outsourced telemarketing and customer support services, as well as customized CRM solutions, today announced that it has entered into a letter of intent to acquire Convergion, an integrator of customized telecommunications solutions. The terms of the acquisition, which is subject to the completion of due diligence, were not disclosed. However, Market Central says that the acquisition, if completed, will not effect earnings-per-share. According to Glen Hammer, chairman of Market Central, the company anticipates closing the transaction during early March. However, Market Central must defer to the accountants and attorneys as they work through the necessary due diligence. Convergion owns and operates a full-service contact center in Memphis, which Market Central says will complement its existing contact center in Jacksonville, NC. "The acquisition of Convergion is a perfect fit and natural extension of the Market Central business plan," Hammer says. "We required a second contact, administration, and business center. Convergion's Memphis facility provides us growth opportunities and many more seats." Hammer also says that Convergion's relationship with Microsoft/Great Plains in the CRM space is "very forward thinking," and that it gives Market Central outbound/inbound personnel products to sell and service long term. If the merger is completed, Market Central products will be integrated into Convergion offerings, and vice versa, Hammer says. "Although [we will be] operating Convergion as a subsidiary of Market Central, the sales force and the many products will be offered by both entities and run under the same corporate structure." Hammer adds that this deal is the first in a series of planned acquisitions and strategic partnerships intended to help expand Market Central, as well as its CRM offerings.
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